> I'll mention, though, that Haskell does have one form of modularity which ML doesn't really, which is the fact that you can write algorithms separately, compose them together after the fact, and expect to get reasonable performance in most cases.

I'd actually argue the opposite. MLton is one of the best whole program optimizing compilers I have ever used. There are virtually no penalties for abstraction. OCaml has a bit of trouble here, from what I've heard, but I've never personally run into serious performance problems as a result of abstraction.